An amount owed to another. See installment loan and revolving
The legal document conveying title to a property.
A deed given by a mortgagor to the mortgagee to satisfy a
debt and avoid foreclosure. Also called a "voluntary
The document used in some states instead of a mortgage; title
is conveyed to a trustee.
Failure to make mortgage payments on a timely basis or to
comply with other requirements of a mortgage.
Failure to make mortgage payments when mortgage payments are
A sum of money given to bind the sale of real estate, or a
sum of money given to ensure payment or an advance of funds
in the processing of a loan. See earnest money deposit.
A decline in the value of property; the opposite of appreciation.
The rights of a widow in the property of her husband at his
The part of the purchase price of a property that the buyer
pays in cash and does not finance with a mortgage.
A provision in a mortgage that allows the lender to demand
repayment in full if the borrower sells the property that
serves as security for the mortgage.
This terminology is usually used for second mortgages. See